Gulf Oil and Gas accountACCOUNT

Genoil Moves into the MSGBC Basin

Source: www.gulfoilandgas.com 2/12/2018, Location: Africa

Share |
Genoil signed an agreement with CAP Energy to develop oil fields in the MSGBC Basin (Mauritania, Senegal, The Gambia, Guinea Bissau and Guinea Conakry). The project on the North West African Atlantic Margin (NWAAM) is Genoil’s first venture in Africa.

Under the agreement, Genoil will work with CAP Energy, leveraging both their complementary strengths and resources, to develop assets including current oil exploration licenses, as well as exploring opportunities for Genoil’s advanced Hydroconversion Upgrader (GHU) desulphurization technology. The GHU converts heavy or sour crude oil into much more valuable, compliant low sulfur oil, at the fraction of the cost of traditional refining processes.

Genoil will also be initiating investment and development opportunities in the region through its international partnership with the China Development Bank and Chinese oil industry.

CAP Energy is focused on the exploration, development and production of conventional hydrocarbons in sub-Saharan Africa. The company has a range of offshore interests in Guinea Bissau and Senegal. In Guinea Bissau CAP Energy is licensed to explore and develop blocks with estimated total prospective resources (Pmean) exceeding 10 billion barrels.

Bruce Abbott, Chief Operating Officer, Genoil, commented: “The MSGBC Basin is about one-third of the size of the Gulf of Mexico. More than half of the existing wells are in depths of only 100 metres which facilitates ease of exploration. There is huge potential in the region which is evidenced by the discoveries by Kosmos Energy and Cairn Energy, the latter being adjacent to blocks licensed to CAP Energy. We will be working with CAP and our Chinese partners to both maximise opportunities for our GHU low sulphur technology and provide the investment required to develop these exciting prospects.”

For more information about related Opportunities and Key Players visit West Africa Projects

Acquisitions and Divestitures News in Mauritania >>

Mexico >>  10/19/2018 - Petrofac Limited has completed the sale of 49% of the Company's operations in Mexico to Perenco (Oil & Gas) International Limited, following approval ...
New Zealand >>  10/19/2018 - Melbana Energy Limited provides the following update on the divestment of its 30% interest in its non-core New Zealand Permit PEP51153 (“Permit”). ...

Egypt >>  10/18/2018 - SDX Energy Inc., the North Africa focused oil and gas company, announces that, further to the announcement made on 20 September 2018, discussions rega...
Norway >>  10/18/2018 - Equinor has signed an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf (NCS) for...

Denmark >>  10/17/2018 - Royal Dutch Shell plc (Shell), through its affiliate Shell Overseas Holdings Limited, has reached an agreement with publicly listed Norwegian Energy C...
Mozambique >>  10/17/2018 - At the presence of the Ministry for Mineral Resources and Energy Ernesto Max Tonela, Eni has signed in Maputo the contract for the exclusive explorati...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Mauritania Oil & Gas 1 >>  2 | 3 |

More News

 

Oil & Gas Companies in Mauritania >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.